EUR/USD 1.3312 - 9 December 2010

EUR/USD Open 1.3242 High 1.3323 Low 1.3179 Close 1.3257

On Wednesday the Euro/Dollar traded quietly and within narrow range. The European currency depreciated from 1.3281 to 1.3179 yesterday, matching the positive Interbank sentiment projection at around +14%, than commenced adjusting, closing the day at 1.3257. This morning bulls pulled the pair further up to 1.3323. On the 1 hour chart range trading has formed, while on the 3 hour chart the downward channel is on hold. Break above the nearest resistance and today's top at 1.3323 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3179, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3064. Today's focus is on Germany CPI and HICP, both at 7 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3323 1.3440 1.3554
Technical support levels: 1.3179 1.3064 1.2950

Trading range: 1.3325 - 1.3260
Trend: Downward
Sell at 1.3312 SL 1.3342 TP 1.3272

Yesterday we made +47 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.3226 SL 1.3252 TP 1.3176, exit sent at 9:14 GMT.
Total yesterday +140, as shown in details at http://www.zifx.com/performance.php.

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